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We're sellers | 22 February 2023

22 February 2023, USD/JPY

We're sellers

USDJPY is in a corrective phase, the market is moving in the form of a corrective 3-wave pattern. Again, the market has formed an ascending channel from 131.59 to 134.96 which is a bearish pattern. The market has already broken below the lower trendline of this channel and reversed up to 134.92, I expect this pair to form a double top at this level,(134.92), then drop up to 131.58. You can place a sell order now. Place your take profit at 131.58. Should the price break above 134.92, this setup will be invalidated.

Trade Recommendations:

We're short

Bob Stan
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